Telegram Messenger Launches Self-Custodial Crypto Wallet for its 800 Million Users
Telegram Messenger, a popular messaging platform with over 800 million active users worldwide, has introduced a self-custodial crypto wallet. The wallet is built on The Open Network (TON) and can be accessed through Telegram’s messaging app settings. Following the announcement, the price of Toncoin (TON’s native token) increased by nearly 8%. The partnership between The Open Network and Telegram was revealed at the Token2049 event in Singapore. As part of the integration, projects on the TON blockchain will receive priority access to Telegram Ads. Telegram had previously planned to create a Web3 ecosystem in 2019 but had to pause its efforts due to a lawsuit filed by the United States Securities and Exchange Commission (SEC).
TON Token’s Positive Momentum
Toncoin experienced a significant price spike of nearly 8% after the wallet announcement. The cryptocurrency has been performing well in the market, with a 13% price increase in the past 24 hours and a total surge of over 36% in the last month. This positive performance is noteworthy considering the recent market sentiment and the struggles of other top altcoins. Currently valued at $1.94, it will be interesting to see if the token can surpass the $2 mark. Toncoin is currently the 12th-largest cryptocurrency with a market capitalization of around $6.68 billion.
Hot Take: Telegram Empowers Users with Self-Custodial Crypto Wallet
Telegram’s launch of a self-custodial crypto wallet demonstrates its commitment to empowering its vast user base and promoting digital ownership. By integrating the wallet into its messaging platform, Telegram provides a convenient way for its users to own their identities and assets. Additionally, the partnership with The Open Network allows TON projects to reach a large audience through Telegram Ads. Despite facing legal challenges in the past, Telegram continues its foray into the Web3 space and aims to create a seamless Web2/Web3 integration for its users.
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